However, as brands embark on their journey to provide an enhanced experience to their customers, they should also consider investing their time in customers they lost and redefine themselves for a better future.
Brands across industries often have to deal with the fact that their customers are leaving, or unsubscribing to their service. Though there can be many reasons for the customers leaving to stop using a product or service, but if the churn rate is above average, then it is a strong indication that there is something wrong with the brand.
In long-term, such an attrition rate can also put the business out of the market. Hence, it is critical that businesses take appropriate proactive steps to bring down the attrition rate to average or below and strive to satisfy their customers’ needs.
Below are a few steps enterprise brands can take to win back the trust of their lost brood and hopefully convert them into loyal customers:
Letting data be the guide
The first step of gaining the lost trust of customers is to really know them. Brands must put their efforts towards understanding their customers and their preferences. By gathering the necessary information, brands can know which customers are good enough to pursue and what strategies will help the brand to get exceptional results.
Knowing why the customers left
Customers can have numerous reasons for abandoning a brand’s product or service, from poor customer service to better alternatives that the competitors promise to offer. Hence, it is vital that brands put their efforts in collecting customer feedback.
Since the response rate for the feedback is generally low, brands should consider providing an incentive that is worth their customer’s time. A massive pool of feedback can help brands to gain insights about the problems their customers are facing.
Developing a solid customer retention strategy
After thoroughly analyzing customers’ spending habits and engagement, and identifying the problems they encounter while using the product or service, brands should start developing a marketing strategy. This will enable them to win back the trust of their lost customers by anticipating the customer journey in advance.
Reminding the lost customers what they are missing
While marketing again to their customers, brands should take steps to remind their customers what they’re missing. By leveraging the fear of missing out (FOMO), brands can increase their engagement and sales across all the customer touch points.
In today’s times of economic recovery, each and every customer plays a crucial role in a brand’s growth and success. By using the steps mentioned above, brands can win back the trust of their customers. However, the best ways are the ones that don’t motivate the customers to leave in the first place. But that’s a story for another time!